Electronic Game Card, Inc (fka EGMIQ)

[ambulance_blues]

Pequot used to own 9.5 million shares as of 12/31/08.

See below link.

http://www.sec.gov/Archives/edgar/data/1071955/000101143809000147/form_sc13ga-elecgame.htm

and from item (6)
"two account(s) of the Reporting Person, Pequot Mariner Master Fund, LP and Pequot Scout Fund, LP, each owns of record more than 5% of the Issuer’s Common Stock."

We know that the Scout Fund holdings are being transferred to an independent firm according to this article:
http://www.reuters.com/article/hedgeFundsNews/idUSLNE54S00P20090529

I'm assuming that the other 5% contained in Pequot's Mariner Fund was dumped, either in the open market or private transaction. So say 4+ million shares?

Also, Pequot must have either converted (Mariner) or transferred (Scout) the series A preferred and warrants in the process.

"The number of shares reported in items (5) – (9) and (11) consists of 8,538,234 shares of Common Stock, including Common Stock issuable upon the conversion of shares of Series A preferred stock of the Issuer and 999,967 shares of common stock underlying warrants held for the accounts of the Reporting Person’s clients."

On a final note, I wonder if we can be expecting a 13-G from Manatuck Hill Partners, now that they took control of the Scout Fund holdings, and Pequot has been zeroed out. Or is it possible that Manatuck has sold their 5% of EGMI so soon?

"...The new firm will be called Manatuck Hill Partners and will continue to use the Scout name, said the investors, citing a letter from Broach sent out Thursday. The new firm will be based in Westport, Connecticut... Most Scout investors have agreed to stick with the fund and the entire portfolio will be transferred with the investment team. As a result, no portfolio positions are expected to be sold, the investors said."